Modern Real Estate Test
Enter the letter for the matching Answer
1. Highest and best A. The easiest but least precise way to measure depreciation that
use uses the effective age of a building & its economic life.
2. footings B. When an improvement or any portion of an improvement, such
3. Topographic as a building, a fence, or a driveway illegally extends beyond the land
survey of its owner and covers some land of an adjoining owner/street/alley.
4. mailbox rule C. the tenant's obligation to pay a fixed rental amount, and the
landlord pays all taxes, insurance premiums, mortgage payments,
5. Encroachment repair costs; also called a gross lease.
6. Age Life Method of
Depreciation D. Due and payable by the buyer/principal on the signing and
acceptance of an offer to purchase property found by the buyer's
7. leasehold estate agent.
8. success fee E. The possible use of a property that would produce the greatest
9. procuring cause net income and thereby develop the highest value
10. Alienation F. Transfer of title, act of transferring property to another.
11. Will G. The effort that began a chain of events that brings about the
12. Broad Form (HO- desired result. Under an open listing, the broker who is the procuring
2) cause of the sale receives the commission.
13. basis H. Laws imposed by local government authorities that regulate and
14. power of sale control the use of land and structures within a designated district or
foreclosure zone.
15. Zoning Ordinances I. an estate in land that is generally considered personal property,
because no ownership of the real property has changed hands.
16. Specific lien
17. foundation wall J. The principle that states that excess profits generate competition.
18. Competition K. Instrument made by a property owner to convey title to real and
personal property on the owner's death
19. Value
20. fixed rental lease L. A rule of law stating that once written acceptance is placed in
control of the mailing service, it is considered accepted--not when the
acceptance is actually received by the offeror.
M. the masonry or concrete wall below ground level that serves as
the main support for the frame structure; form the side walls of the
basement or crawlspace.
N. The form of foreclosure used in a title theory state; also called a
nonjudicial foreclosure.
O. a concrete support under a foundation, chimney. or column that
usually rests on solid ground and is wider than the structure being
supported
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